Investment group to buy Riviera Holdings for $426.5M

SimonKennedy

LONDON (MarketWatch) -- Hotel and casino operator Riviera Holdings Corp.
RIV, -0.32%
said it has agreed to be bought by a private investment group for $426.5 million, including the assumption of $215 million in outstanding debt. The investment group, led by Chicago developer and casino operator Neil Bluhm and others, will pay $17.00 per share in cash, representing a 6.3% discount to the Wednesday closing price of $18.14. The investment group previously also agreed to buy all the shares held by Riviera CEO William Westerman, for $15.00 a share. The $17.00 offer represents a 21% premium to the Dec. 23 closing price the day before the deal with Westerman was announced.

Intraday Data provided by SIX Financial Information and subject to terms of use.
Historical and current end-of-day data provided by SIX Financial Information. Intraday data
delayed per exchange requirements. S&P/Dow Jones Indices (SM) from Dow Jones & Company, Inc.
All quotes are in local exchange time. Real time last sale data provided by NASDAQ. More
information on NASDAQ traded symbols and their current financial status. Intraday
data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. S&P/Dow Jones Indices (SM)
from Dow Jones & Company, Inc. SEHK intraday data is provided by SIX Financial Information and is
at least 60-minutes delayed. All quotes are in local exchange time.